Magic Eden's MAGIC Vision for 1-Stop-Shop
Plus AI agents and memecoins dominate the Solana ecosystem
TylerD's Market Summary
GM!
Today's top news:
Crypto majors fall 10-3%, SOL leads +1% to $167
AI tokens dominate trading and mindshare on Solana, several soar 3-15x
Pump Fun sells 40k SOL as revenue reaches $168M
Magic Eden founder shares one-stop-shop vision, 18-month token lockup
Avalanche introduced the "Avalanche Card" allowing users to spend against USDC and more
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💡 Magic Eden Introduces MAGIC & Plans For The Future
Magic Eden is hot.
For the first time in their history, they have beat out OpenSea for the most users over the past 1 year.
They're beating out Blur by overall trading volume over the past 6 months.
And now their CEO is sharing new plans for the future which should generate even more traction ahead of and beyond their $ME token launch.
What Happened?
Magic Eden co-founder and CEO Jack Lu announced the core principles driving Magic Eden forward as they look to become a one-stop-shop for all kinds of crypto assets.
His vision revolves around the MAGIC principles:
Make crypto easier for everyone: Magic Eden will create user-friendly, mobile-native experiences with simplified onboarding and familiar UI, removing complexity for new users.
All assets, all chains, 1 app: By the end of the year, Magic Eden will support trading across 10 chains, allowing users to trade various assets from NFTs to tokens, all in one app.
Grow the space: The platform will be a normie-friendly, mobile app to help bring mainstream users into crypto, supported by $ME token rewards to incentivize engagement.
In it for the long term: Magic Eden’s founders are committed to the long term, with locked tokens and reward programs for continuous platform users.
Community transparency: Regular community calls will be hosted to keep users involved and gather feedback as Magic Eden builds the platform in public.
What Are They Saying?
Jack Lu commented:
"We are in it for the long term... founders will lock their tokens until at least 18 months after TGE."
They added, “Our job is to deliver the most elite trading platform onchain," stressing transparency and community involvement.
Why It Matters
It's been no secret that Magic Eden has risen the ranks in the NFT marketplace wars.
But this update from Jack shows they want to be bigger than just NFTs - they want to be the house for all digital asset trading.
They are certainly beating their competitors right now in cross-chain experience, as it's easier to monitor and trade assets across ETH, Solana and Bitcoin on Magic Eden than anywhere else right now.
They can likely maintain that advantage expanding to other chains as well.
Which should bode well for their upcoming $ME token launch.
Magic Eden has a clear plan for the future - now it's down to execution.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
Ethereum led NFT trading volume with $4.6M on the day; Solana was next with $2.4M, and then Bitcoin with $1.9M
ETH NFT leaders were mostly red; Punks +3% at 27.7 ETH, Pudgy even at 9.4, BAYC -8% at 12.1, Azuki -1% to 5.18
Killabears (+32%) and Honey Jar (+20%) led notable top movers
BTC NFT leaders were mostly red; NodeMonkes -2% at 0.139 BTC, Puppets -2% at 0.157 BTC, OMB -1% at 0.182, Quantum Cats -3% at 0.233
The Runes leaders were mostly red; DOG -5% at $495M mc, PUPS -21% at $112M, RSIC -1% at $83M mc, BDC -4% to $86M
Solana NFT leaders were mostly red with Mad Lads -3% at 44 SOL, SMB -2% at 18.7, DeGods -2% at 15.2 and RCs -2% at 29
Bored Apes and Mutants received "shadow" tokens of their NFTs on ApeChain, tied to their ETH counterparties (but not sellable on their own)
Magic Eden launched ApeChain NFT trading along with a free mint
Pudgy Penguins teased another major new retail partner following Walmart and Target
Cool Cats unveiled new crossbody bags as their latest physical drop
Killabears expanded into the metaplex and Mutant MPL 404 ecosystem
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token, protocol and airdrop news from the day:
Pump Fun sold 40,000 SOL on Monday bringing its total revenue to 969,945 SOL ($162M), which they've sold 503,343 SOL ($78.7M)
Avax shared metrics from Off The Grid's reach, spanning 79M transactions and nearly 8M onchain wallets
Scroll announced that just 7% of its SCR token supply will be distributed in its first airdrop, with 570k wallets expected to receive 55M tokens worth ~$77M ($135 per user on average)
Virtuals Protocol AI Agent Luna launched Sentient Mode v2.0, allowing her to control her X account fully - leading to the LUNA token pumping 170% to $34M
ApeChain's first Top Trader tournament ended with a top prize of $20,000 (12,666 $APE), now with daily tournaments daily at 3 pm ET running for 21 hours
Grass announced its final airdrop eligibility checker along with token rewards for participants
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are down 1-3% but SOL is outperforming; BTC -2% at $67,300; ETH -3% at $2,640, SOL +1% at $168; APTOS was a top alt mover up 8%
Memecoin majors were mostly red; DOGE -1%, SHIBA -3%, PEPE -2%, WIF -4%, BONK -1%, POPCAT +6%, and MOG -8%
Avalanche introduced the "Avalanche Card" allowing users to spend against USDC, sAVAX, and more
Ripple's founder Chris Larsen donated $10M in XRP to the Kamala Harris campaign, a move that goes against most of crypto X consensus
The Minneapolis Fed President shared negative sentiment towards crypto in a town hall in Wiscoonsin, saying it is "almost never" used outside of illicit activities
Chainlink has partnered with financial giants like Swift and Franklin Templeton to automate and standardize corporate actions data, using AI and blockchain to reduce operational inefficiencies and cut costs
🚀 Memecoin Movers
$JANET (+900,000% to $15M market cap, ETH)
$FUN (+15,000% to $10M market cap, SOL)
$SHEGEN (+2,600% to $10M market cap, SOL)
$SHOGGOTH (+340% to $34M market cap, SOL)
$ACT (+100% to $380M market cap, SOL)
📈 NFT Floor Price Increase (ETH)
Fijis (240%, 0.11 ETH Floor)
0xmons (100%, 1.25 ETH)
KILLABEARS (32%, 0.34 ETH)
Honey Jar (23%, 0.11 ETH)
Bond Bears (19%, 34 ETH)
🗓 Upcoming Mints and Events
Today is another busy day of mints and events.
The highlights are the Scroll token launch, Mazin doing the Verse drop and Lifeofc doing a drop on Shape.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Bitcoin Sneakers (8:00 a.m. ET)
Ape Names (10:00 a.m. ET)
Lifeofc x Shape - Postino (11:00 a.m. ET)
Scroll - SCR token launch (12:00 p.m. ET)
Mazin x Verse - Ditherium Gothscapes (1:00 p.m. ET)
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